Oracle trims staff cost

N Shivapriya, ET BureauDec 24, 2008, 01.26am IST

MUMBAI: Oracle Financial Services Software, formerly called i-flex solutions, is now taking various steps to cut down its employee costs.

After Oracle's acquisition of i-flex last year, the company is trying to prune its costs given the current scenario. The firm provides IT solutions to the financial services industry. The news that its is trimming costs as well as manpower is spreading to other sectors as well.

According to sources close to the company, those employees on the bench will be given only 50% of their salary and have been asked to work for fewer hours a day. An employee working with the firm said that even management graduates, who had joined in November would be given a part of their salary, around 40% of the Rs 4.4 lakh pay package that they are entitled to, for December, January and February. A mail sent to the company by ET remained unanswered. The company employs around 11,000 people.